Norske Skog (Buy, TP: NOK40.00) - In a position of strength
Norske Skog’s Q1 report was better than we expected. Flat underlying EBITDA in the face of falling paper volumes and prices is clearly a positive result, and continued deleveraging has put the company into a position of strength just as the full Covid-19 impact is starting to take hold of paper markets. We reiterate our BUY and NOK40 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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